General Motors’ captive finance company revealed during its quarterly investor call that it began piloting a prime finance product in the first quarter. The firm’s chief executive also noted that market competition is beginning to stabilize.
Despite its Northeast and Central Midwest dealerships losing approximately 280 selling days due to harsh weather, Penske Automotive reported last week that it achieved a 15.4% increase in income from continuing operations.
Sonic officials said last week the group will begin piloting its new customer experience initiative at a Charlotte, N.C., store this July. The new process promises to deliver a ‘one associate at one price in one hour’ buying experience.
The group reported during it quarterly conference call that earnings per share were up 34% from the year-ago quarter, an all-time record for the group. On the same day, Executive Vice President and COO Michael Kearney announced his retirement.
F&I gross profit per vehicle retailed reached a record $1,407 for the nation’s largest dealer group, but the achievement was overshadowed by the warning executives issued to lead providers.
The dealer group not only endorses the association’s fair lending plan, it plans to implement the program in the next several months, officials confirm.
The company’s revenues exceeded $1 billion in the fourth quarter and $4 billion for the full year. Its F&I operations also posted increases in F&I penetrations and profit per retail unit.
Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.
AutoNation’s chief executive says he doesn’t expect the CFPB to eliminate rate participation, but he admits to not knowing ‘the end of the story yet.’
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